Examples of recent questions relating to Intelligent Finance transfer of equity
- Intelligent Finance have today agreed I can take over the mortgage on my home. I previously applied for a transfer of equity but presumably there is a transfer of ownership at HMLR on top?
- When it comes to transfer of equity conveyancing involving refinance with Intelligent Finance should I be charged value added tax on the following: (1) Land Registry fee on the transfer of equity (2) Pre - completion search fee (3) SDLT E submission on the transfer (4) Bank TT fee
- Last year purchased a apartment without my partner's name on the title. My conveyancer claimed it is because she is not in the mortgage with Intelligent Finance. Is it possible for me to put her name on the deeds?
- I am looking for a lawyer to handle my transfer of equity. Intelligent Finance are dealing with the remortgage. I considered asking my financial adviser. I understand he will likely get a referral fee for recommending a firm, but also of benefit will be that he knows the conveyancer, has a working relationship with them. Is my logic flawed?
- I am planning on removing a name from a joint mortgage and the Intelligent Finance need me to use a conveyancer to carry out the legalities. Can you recommend a reasonably priced Littleborough
conveyancing solicitor to deal with the transfer of equity? They need to be on the Intelligent Finance conveyancing panel.
- Have recently split up with my partner of 18 years. I'm now back with my parents again and she wants to stay in the property and buy me out. What portion am I entitled to. Is it 50% of the equity after redeeming the Intelligent Finance home loan? I assume proper valuations are necessary but I would like ensure that I'm getting the best deal
- I am answering a Intelligent Finance transfer of equity request and have arrived at the section concerning debts etc. There are some debts that I have been clearing for a number of years, in fact they have long since disappeared from my credit rating. Am I obliged to reveal these?
Examples of questions in a lawyer form relating to Intelligent Finance Transfer of Equity
Is the transfer of equity subject to a court order? If yes please supply a copy
Who will be responsible for the costs of the Transfer of Equity?
Please give the name(s) and addresse(s) of anyone to be added to the title deeds?
Please give the details of anyone to be removed from the property title?
Please provide the name(s) and addresse(s) of those who jointly own the premises with you?
Please let us know of you wish us to prepare Declaration of Trust. If so are you willing to incur the additional fee (beyond the Transfer of Equity fee)?
General Advice to read in in addition to the above Intelligent Finance transfer of equity Questions and Answers :
Tax and Legal
There are numerous potential tax and legal implications when transferring equity for your property. You should always seek the advice of a solicitor on the Intelligent Finance conveyancing panel and accountant before transferring equity.
Transfer of Equity Conveyancing for Leasehold properties
Should the tenure of your property be leasehold, the lease may require that you obtain the consent of the landlord. If such conditions are not complied with you may be in breach of your covenants under the lease. This could trigger the freeholder taking enforcement action against you.
If the transfer of equity is made as a result of an Order of the Court, then Insolvency Indemnity Insurance is not required. In other cases, where a property is being transferred at less than market value between joint owners, an Insolvency Act Indemnity Insurance policy may be required. This is something that that your conveyancing solicitor will check with Intelligent Finance This is because, if the outgoing party is made bankrupt in the future, their Trustee in Bankruptcy could argue that they had transferred the property in order to avoid their creditors and apply to the Court to have the transaction set aside. If this happens, it could affect your lender or a future buyer from you as they would lose the property and the lender may not get back
what they have loaned to you. The Insolvency Act Indemnity Insurance policy only protects
lenders such as Intelligent Finance or future buyers from you. If there is no mortgage and the outgoing owner is made bankrupt, there is a risk to you that you could lose your home if the transfer is set aside. The cost of the Insolvency Act Indemnity Insurance policy is dependent on the valuation of the property at finalisation of the transfer of equity transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with Intelligent Finance.
Preparing the Transfer of Equity with a Intelligent Finance Mortgage
When it comes to preparing the the Land Registry documents your conveyancer should in the ‘consideration’ panel choose the first option, if consideration is given; otherwise ignore the consideration panel altogether.
If Intelligent Finance is joining in the transfer to release someone from liability, put the release in the ‘additional provisions’ panel if someone is entering into a covenant relating to the charge, place it in the ‘additional provisions’ panel stamp duty land tax is not payable when there is no chargeable consideration for the transfer (Schedule 3, paragraph 1 of the Finance Act 2003). In the case of a transfer subject to a charge (even if the transfer is by way of gift) or if a property has been transferred for no value and there is an associated discharge, HMRC would view this as an assumption of an existing debt by the purchaser (Schedule 4, paragraph 8 of the Finance Act 2003) and stamp duty land tax may be payable
if you wish you may state in the ‘additional provisions’ panel that ‘This transfer is made subject to a charge dated… in favour of…’
On form AP1, your conveyancing solicitor should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.
Information provided on this webpage is for general information and only applies to England and Wales. It should not be regarded as advice for members of the public who should contact their lawyer,mortgage broker, insurer and accountant for specific advice relating to transfer of equity. Whilst we endeavour to keep the information up to date and correct we do not make any representation or warranties of any kind about its completeness, accuracy, reliability or suitability. Any reliance you place on the information is strictly at your own risk. Lexsure will not be liable for any direct or indirect loss or damage arising out of or in connection with the use of this information.